Is cryptocurrency a threat to the financial sector?

[Robert William 590]

I appreciate your thinking but in most countries it is assumed that cryptocurrencies are threat to their banking system because if the transactions are made through crypto banks monopoly would abviously be affected.

[Garion hirao 550]

Crypto market is not threaten for fiat market because crypto market has only limited uses but fiat currency has much more used in broadly basis. Do not worry banks soon launched their own block chain based transactions

[Wane Rastuar 583]

I do not think that the crypto currency is the threat in the financial sector because many of the people around the world have been using this for earning money

[Idaho Bruk 573]

Yes, for the bank it is just natural, because they're will be a competition between the two I think, because if money will all go to the exchange then their is no money left in the bank

[selfmade 7]

Just now, Robert William said:

I appreciate your thinking but in most countries it is assumed that cryptocurrencies are threat to their banking system because if the transactions are made through crypto banks monopoly would abviously be affected.

I think that is the reason why governments and banks are trying to adopt cryptocurrencies instead, this is because it is a threat and they can not control it.

[Aqib Saleem 272]

Yes, it's possible. I am a student and i bear my own expenses now with cryptocurrency. I have to bear my own expenses. Many of you have been able to afford it. And it never happens that there is a risk in everything.

[muradalam837 4]

In my perspective, for now, bank and other monetary sector won't accept cryptocurrency for they feel everything decentralized is a risk to them. However, with time they wouldn't have any other alternatives than accepting it as it is also a essential to its global adoption

[bisarkadan 0]

Yes you are right cryptocurrency is the main threat for bank business, if crypto is allow all country than bank business will be gone for all money because crypto have a lot of advantage than bank business. That's bank thinking we should not allow cryptocurrency

[polobkhan 532]

 I think that cryptocurrencies are far from being a threat since they serve society and also involve technology, advances towards the future I think they are accessible to everyone without as many requirements as required by banks

[migeljah 537]

Yes they might be right saying that it is a threat to their business, but this depends on their knowledge of cryptocurrencies and how to use it, because some firm will capitalize on the ever fluctuating value of crypto currencies while others will see it as a disadvantage.

[Nersreem 279]

Cryptocurrency is becoming threat to some financial sectors, peoplw now prefer to make investment in cryptocurrency than using fiat which is falling some economy system of the sectors. 

[abd1992 960]

On 2/8/2020 at 12:25 PM, Maximumheight said:

There have been news of banks not being comfortable with the use of cryptocurrency. In my country some banks are not accepting Bitcoin transaction. Some banks are taking it as a threat to their business. Many are of the opinion that it will take business away from them. Some say Defi( decentralized finance) will mean they no longer have control over customers funds.

 

But my own point of view is that cryptocurrency will aid banking transaction. The banking and financial sector should see blockchain as an innovation that will help the monetary system rather than see it as a threat. They should embrace decentralized finance.

 

What is your own Table on this?

I think yes, indeed, digital currencies may pose a threat to the financial sector because they can evade taxes and also can hide funds and work illegally.

[Adam786 560]

Hi friend I will say that cryptocyrrency is not a threat for the financial sector but this is a blockchain technology and the use of cryptocyrrency is increasing day by day therefore the banks are threatened . 

[Guljer99 122]

While this may still be far from real, in reality, changes are starting to happen.  There is nothing to stop the progress and although banks are trying their best to stop cryptocurrency adoption, it is very clear why they are so scared of why this is happening and consider cryptocurrency as a treatment in the financial sector.  In this business competition they (banks) don't really care about the people they don't want for decentralization or money for all their people. Different people have different thoughts but I think I can have both crypto and bank together.  Banks are necessary for conventional people who are still not working as very few technologists.  Then Bitcoin will be able to be used by invented people again. Thank you friends.

[guatazoo 7150]

On 1/14/2021 at 9:31 PM, selfmade said:

I think that is the reason why governments and banks are trying to adopt cryptocurrencies instead, this is because it is a threat and they can not control it.

Sure governments they need to be using things that's they have under their control, so it will be hard for crypto because crypto will never be under government control, maybe if governments will be creating this cryptocurrencies.

[Guru2050 8284]

At all it is not a threat bit rather energetic aid to impact and transform positively on global economic that is collapsing. Crypto entails gainful opportunities that is profitable worth to make someone rich than earning means available in Centralized world. 

[tobom 133]

Yes. Banks see cryptocurrencies as a major threat. But I think it might be better for banks to bring an innovation that they can take advantage of rather than avoid the stock market.

[Momo_064 1281]

Of course crypto isn't the threat for the financial sector. Moreover crypto is very good and best for the financial sector because many people can get job easily from the crypto sites and they can be self employed. Students can work in the crypto world as a part time job and they can earn money. Crypto has reduced the unemployment problem in the world. 

[Amr90 1064]

The primary goal of banks is profit, not helping people and communities.
Therefore, banks will not introduce blockchain systems to them unless they know that they will make a profit.
Crypto threatens all banking systems because people have more confidence in crypto, and therefore dealings with banks decrease.
In the future, there may not be many banks, and crypto will be one of the best means of dealing with people.

[MonaAhmad 146]

My dear friend, I think that in the current situation, the coding work will not affect the banks and will not pose any threat, but in the following years it is possible because the world will depend on the decentralization system for ease of dealing with it

[maarcoferrer 1096]

Threat as such is not, because cryptomonies are not going to overthrow banks by force. I believe that the mentality of the people should change and to be able to take advantage of the crypto currencies in favor, only that many people and but the great industries do not think equal. But if they wanted to, they would be able to make a great change in humanity by working together.

[Alkali 146]

Banks should not see crypto currencies as a theat. They should see it  as an innovation in which they can explore more banking activities.

[Jack764 1841]

 What happens is that the money turns into cryptocurrencies, and this affects the national currencies, so their value will decrease greatly, especially the dollar 

[Shuvo Mia 576]

I don’t think so this is a thread. But both markets are good.Crypto are getting popular day by day. And the members will increase. If crypto profit better than other sector. Then it will get more popular then other sectors.          

[Dissy sb 945]

Hi gentleman you said absolutely right the Bitcoin is a threat for the financial sector because the price of the the Bitcoin is not stable in these days and due to not stable the price of the Bitcoin in the economy of a country may be disturb due to this